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Financial Tips From Elders: How to Make it Through Hard Times

By Elliot Millner on Jul 13th 2010 2:18PM
Filed under: Personal Finance, Savings, Budget

Comments (9)

In this day and age, when everyone is focused on the use of technology to make life as easy and mindless as possible, it is sometimes good to remember how our grandparents went about doing things -- particularly when it comes to financial matters. As difficult as we may think times are now, older generations have suffered through circumstances that we can only imagine. Yet, they were able to make it by sticking to commonsense ideas about saving and spending.

It's easy to see personal finance as a complicated manner, but in some ways the old advice holds true. Let's revisit some of that old-school financial advice that your grandma used to give:

1. Limit (or don't use at all) credit cards or other forms of high-interest credit: Although I was a stubborn child who had to learn things the hard way, I remember my parents and other elders telling me repeatedly to leave the credit cards alone. At most, they would say, keep an "emergency" card for that purpose only. If you can't afford to pay for something, just wait! Never let yourself think, "let me use my credit card." And never (although it should not even have to be said) take out a payday loan; this is simply legalized loan sharking.

2. When you have a few extra dollars, don't spend it. Either save it, or pay some bills ahead: I know for many the thought of giving more money than is absolutely necessary toward a bill sounds crazy, but it makes perfect sense in tight financial times. Once the money is out of your hands, you don't have to worry about using it on something else of less importance. And, of course, we have all learned by now the importance of saving for a rainy day.

3. Barter (trade) with friends/neighbors: Although times have changed, bartering is still something that can be useful in one form or another. And with so many out of work, it is making a bit of a comeback. This was something that was practiced regularly by my elders growing up. Whether it was for services or goods, bartering was a great way of saving money, in addition to building networks.


4. Learn how to make/do things yourself: My grandma and other elders did a lot more for themselves than most of us would consider doing today, but even learning to do a handful of "handy" things could save a good chunk of money. If you have access to any type of fertile land whatsoever, and you aren't using it to grow something, then you must just enjoy throwing money away. Changing your own oil and brakes (don't go to Jiffy Lube), learning to sew and paint, or doing basic "Mr. Fix It" type jobs are fairly easy and don't require a lot of time (especially with all the how-to videos available).

Though times have changed, many of the financial hardships that we face can be greatly minimized by simply applying lessons that we were taught by our grandparents and other older people in our communities over the years. It may be hard to listen to their hard-won wisdom, but applying your grandma's financial advice can literally pay you dividends -- especially if you use your savings to invest!

What are some of the money-saving tactics your elders taught you?

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